25 March 2020
(EPIC: SRC / Market: AIM / Sector: Construction Materials)
(‘SigmaRoc’, the ‘Company’ or the ‘Group’)
SigmaRoc, the AIM quoted buy-and-build construction materials group, is pleased to provide the market with the following updates:
The Company is pleased to announce that it expects to report a strong performance from its businesses for the financial year ending 31 December 2019, exceeding analyst estimates, with consolidated unaudited Group revenues reaching £70 million, representing a 71 per cent. increase on the previous year, and underlying operational profits (EBITDA) of approximately £14 million, representing a 43 per cent. increase on the previous year. Adjusted leverage ratio at 31 December 2019 was 2.1x, which compares net debt to underlying EBITDA for the last twelve months adjusted for pre-acquisition earnings of subsidiaries acquired during the year.
SigmaRoc intends to publish its consolidated audited results for the year ending 31 December 2019 on 20 April 2020.
Coronavirus (COVID-19) update
In response to the COVID-19 pandemic, the actions the Group has been taking since 28 February 2020 are as follows:
· Strict implementation of all government recommendations
· Establishment of stringent safety measures
· Preparation of operational and financial contingency plans
· Daily executive management reviews and managerial engagement with workforce
As a result, and as at 24 March 2020:
· The Group remains operational across all its sites, however, this is under continual review
· Operating conditions remain in-line with government guidelines
· All staff who can work from home are doing so and any employee that displays symptoms or considered to be at risk is required to stay at home
· Taking into consideration the Group’s current cash position and financial contingency plans, which do not factor in any anticipated government support, it is confident it has sufficient liquidity available to navigate the COVID-19 pandemic
· The Group’s credit facilities provide additional liquidity headroom
· Assuming safe conditions can be maintained across our operational sites the Group remains committed to servicing its customers, keeping its workforce employed and supporting local communities
· Should further restrictions be imposed, our Group will remain available to support critical infrastructure projects at the behest of relevant government authorities
The Board will continue to monitor the situation closely and further update the market as and when appropriate.
Max Vermorken, CEO of SigmaRoc, commented:
“I am extremely pleased with the expected unaudited results for the 2019 financial year and am immensely proud of the way in which management, employees and unions have responded to this unprecedented pandemic.”
Information on the Company is available on the Company’s website, www.sigmaroc.com.
For further information, please contact:
Tel: +44 (0) 207 002 1080
Strand Hanson Limited (Nominated and Financial Adviser)
James Spinney / James Dance / Jack Botros
Tel: +44(0) 207 409 3494
Liberum Capital (Broker)
Neil Patel / Jamie Richards / Jonathan Wilkes-Green / William Hall
Tel: +44 (0) 203 100 2000
Rubik Communications (Financial PR adviser)
Andrea Mora / Charlotte Hollinshead
Tel: +44 (0) 207 002 1080
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain.